(1) The Council may, in consultation with the Board, make arrangements concerning the internal organisation of the Institute including the establishment, variation and supervision of

(a) halls of residence, academic faculties, administrative divisions, departments, independent profit centres and other bodies;

(b) lectureship, teaching and research; and

(c) academic and administrative posts and functions.

(2) The Council shall in respect of academic matters exercise the powers referred to in subsection (1) after consultation with the Board.